It's going to take 1-2 years for markets to get back to Q4 2019 levels: Strategist

Frank Rybinski, chief macro strategist at Aegon Asset Management, talks the eventual reopening of the U.S. economy.

President Donald Trump unveiled broad new federal guidelines Thursday that lay out conditions for parts of the U.S. to start relaxing some of the strict social distancing measures imposed to combat the spread of the coronavirus pandemic.

The 18-page plan for “Opening Up America Again” identifies the circumstances necessary for areas of the country to allow employees to start returning to work – but the decision to lift restrictions will ultimately be made by state governors.

“We must have a working economy. And we want to get it back. Very, very quickly. And that’s what’s going to happen,” Trump said at a White House press briefing after announcing the new guidance.

As many as 29 states “will be able to open relatively soon,” Trump said later in the briefing. “We have a lot of states that, through location, through luck and also through a lot of talent ... are in a very good position.”

But “it could be that sometime in the fall there could be some flare-ups” of the virus, the president added.

States, which have imposed their own containment measures to try to slow the spread of the disease, are not legally required to follow the White House’s instructions. But the new guidance nevertheless ramps up pressure on governors to loosen their restrictions, even as health experts and business leaders alike warn that widespread testing systems are needed before Americans can safely start returning to their normal lives.

“America wants to be open and Americans want to be open,” Trump said. “We took the greatest economy in the history of the world, and we closed it in order to win this war. And we’re in the process of winning now.”

Despite the president saying earlier this week that he believed some states may be able to “reopen” their economies before May, the White House guidelines do not offer any specific dates.

Rather, the plan lays out three “phases” aimed at guiding parts of the country to move incrementally toward loosening restrictions on businesses and individuals.

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